I will tell you that not all of them will move at the same pace. We've got a good, diverse portfolio, some that are associated with brownfield expansions to existing facilities,

i will tell you that not all of them will move at the same pace we've got a good diverse portfolio some that are associated with brownfield expansions to existing facilities


where it had been in previous years. But you're also talking about a fairly significant restocking of the portfolio that had some pretty clear success in Guyana. Is this an area where you see Exxon perhaps being able to distinguish itself from peers in the near term?

where it had been in previous years but you're also talking about fairly significant restocking of the portfolio and have had some pretty clear success in guiana is this an area where you see exxon perhaps being able to distinguish itself from peers in the near term


going to move everything there, but they want them on their platform. So the hybrid world is here. Internet of Things is really, really exciting, and I'll talk more about that in the quarterly presentation going forward.

going to move everything there but they want them on their platform so the hybrid world is here internet of things is really really exciting and i'll talk more about that in the quarterly presentation going forward


And lastly, I actually think what we're doing in Congers in terms of breaking down some of our business actually makes entry into other areas of the world much more economically feasible rather than building a whole new production facility.

and lastly i actually think what we're doing in congress in terms of breaking down some of our business actually makes entry into other areas of the world much more economically feasible rather than building a whole new production facility


but these type of investments and acquisitions will always be very important to Breedon. As you look to the scale of our company now, it would be easy to lose sight in some of these transactions but these are very important and these will continue to be a focus for us going forward.

but these type of investments and acquisitions will always be very important to breeden as you look to the scale of our company now it would be easy to lose sight in some of these transactions but these are very important and these will continue to be a focus for us going forward


best catalyst technology. And that creates an anonymous amount of value for them, and we capture some of that value. We expect those customers to be positives for our margins going forward.

best catalyst technology and that creates an enormous amount of value for them and we capture some of that value we expect those customers to be positives for our margins going forward


it is harder for our people to identify those cancellations, go in and reopen that seat inventory and then resell those seats, and that's where we're seeing a revenue penalty, if you will, from

it is harder for people to identify those cancellations go in and reopen that seat inventory and then resell those seats and that's where we're seeing a revenue penalty if you will from


Yes. Jason, the current environment is certainly one that has an elevated level of competitive activity. And now this began really back last summer, in the beginning of last summer, and we've seen it through the

yes jason the current environment is certainly one that has an elevated level of competitive activity and this began really back last summer the beginning of last summer and we've seen it through the


but really moving the brand forward in terms of its appeal and having an assortment that accommodates that. So in terms of, can the rest of the company help? Yes. I mean when you look at the plans we have for our loyalty program

but really moving the brand forward in terms of its appeal and having an assortment that accommodates that so in terms of -- can the rest of the company help yes i mean when you look at the plans we have for our loyalty program and


Another good example of innovation is how we've been able to create capital efficiencies on recent project awards. To illustrate a specific example, we recently worked closely with one of our clients, a major integrated oil company,

another good example of innovation is how we've been able to create capital efficiencies on recent project awards to illustrate a specific example we recently worked closely with one of our clients a major integrated oil company


When we took them through our approach to creating value, starting with complex data aggregation and extending to recovery audit and leading to broader analytics, visibility and SaaS-based solutions, they were impressed.

when we took them through our approach to creating value starting with complex data aggregation and extending to recovery audit and leading to broader analytics visibility and saas-based solutions they were impressed


reflecting initial pressure from raw material inflation in Q2, which would then be mitigated in the remaining quarters with pricing actions that we have initiated and will continue to implement in cooperation with our customers.

reflecting initial pressure from raw material inflation in q2 which would then be mitigated in the remaining quarters with pricing actions that we have initiated and will continue to implement in cooperation with our customers


I don't look at Amazon as a customer that's in any way different than our other customers, and I would look at that as an opportunity as well as a risk. But the opportunity far outweighs the risk,

i don't look at amazon as a customer that's in any way different than our other customers and i would look at that as an opportunity as well as a risk but the opportunity far outweighs the risk


So -- and that's why we feel that it's not an option to sort of be out of that. We have to be in that to make sure that the consumer continues to spend money on what we offer and also come to us.

so -- and that's why we feel that it's not an option to sort of be out of that we have to be in that to make sure that the consumer continues to spend money on what we offer and also come to us


we come to a conclusion that the earnings power of the company will not support it over the longer term, then we're not likely to do it in a way and maintain this in a way that we would continuously dip into our cash balance for that. But at this point in time,

we come to a conclusion that we -- the earnings power of the company will not support it over the longer term then we're not likely to do it in a way and maintain this in a way that we would continuously dip into our cash balance for that but at this point in time


We also have some flexibility to move trust cash off our balance sheet. So as we continue to focus on growing our noninterest-bearing deposit base, we should be able to better manage the impact of trust deposits on our funding cost going forward.

we also have some flexibility to move trust cash off our balance sheet so as we continue to focus on growing our noninterest-bearing deposit base we should be able to better manage the impact of trust deposits on our funding costs going forward


due to the timing of reinvestments and new account onboarding. With regards to the first quarter, we're expecting earnings to be comparable to the prior year as the impact of the new account start-ups will be most heavily felt in that quarter.

due to the timing of reinvestments and new account onboarding with regards to the first quarter we're expecting earnings to be comparable to the prior year as the impact of the new account startups will be most heavily felt in that quarter


And so when I look at the pipeline, it remains quite solid. And what I like about it is that it's being led by our core business, which is balanced mandates for high net worth families. There are certainly special mandates in there as well, as we've discussed earlier, but that's

and so when i look at the pipeline it remains quite solid and what i like about it is that it's being led by our core business which is balance mandates for high-net-worth families there are certainly special mandates in there as well as we discussed earlier but that's


We also spoke to the utilization management and provider contracting issues that contributed to our problems in Texas during the first quarter. Even without the benefit of the out-of-period quality revenue adjustments that John will talk about in a few minutes,

we also spoke to the utilization management and provider contracting issues that contributed to our problems in texas during the first quarter even without the benefit of the out-of-period quality revenue adjustments that john will talk about in a few minutes


The release and corresponding financial supplement are available at assurant.com. As noted in the release, beginning in the first quarter 2016, we revised the presentation of Assurant's results to focus on housing and lifestyle.

the release and corresponding financial supplement are available at assurant com as noted in the release beginning in the first quarter 2016 we revised the presentation of assurance results to focus on housing and lifestyle


What we do feel comfortable with is that the guidance that we had previously put out there is the right guidance, and we should hold that guidance for the year. Yes, the one final thing I'd mention when you think of the components of the quarter to-date same-store sales

what we do feel comfortable with is that the guidance that we had previously put out there is the right guidance and we should hold that guidance for the year yes the one final thing i would mention when you think of the components of the quarter-to-date same-store sales


As a result, we now have an operating leader with visibility into all of our business units, which we believe will allow us to achieve greater efficiencies and to capitalize on synergistic opportunities between the businesses.

as a result we now have an operating leader with visibility into all of our business units which we believe will allow us to achieve greater efficiency and to capitalize on synergistic opportunities between the businesses


included in that as well. Just trying to get a sense of what the actual price erosion on the portfolio may be. And then, secondly, with respect to new product launch expectations, I think you talked about approximately 20 launches.

included in that as well just trying to get a sense of what the actual price erosion on the portfolio may be and then secondly with respect to new product launch expectations i think you talked about approximately 20 launches


As always, value creation for shareholders remains central to our plans. And so we'll continue to focus on profitable growth, cash generation and optimal use of cash whilst investing for the future.

as always value creation for shareholders remains central to our plans and so we'll continue to focus on profitable growth cash generation and optimal use of cash whilst investing for the future


So we are pleased to have this clarity on the outline of the trial, as we make further progress on the statistical plans. We'll be in position to give more detail on the specific trial design elements, including patient numbers and observation periods.

so we are pleased to have this clarity on the outline of the trial as we make further progress on the statistical plans we'll be in position to give more detail on the specific trial design elements including patient numbers and observation periods


in '18 because of that if you look at new acquisition where we have also said that we don't see that will have any material impact on the EBIT in '18. So the new acquisition

in '18 because of that if you look at the new acquisition we have also said that we don't see that will have any material impact on the ebit in '18 so the new acquisition


Given Alexion's more than 2 decades of complement leadership and deep expertise and resources in the field, we are pleased to partner with Alexion to discover and develop promising new RNAi therapies using our GalXC platform.

given alexion's more than 2 decades of complement leadership and deep expertise and resources in the field we are pleased to partner with alexion to discover and develop promising new rnai therapies using our galaxy platform


Having said that, there are parts of the Corporate Trust business where our market share has been stable or growing over that time period as well. So this is really a focused effort on some particular product sets in that business.

having said that there are parts of the corporate trust business where our market share has been stable or growing over that time period as well so this is really a focused effort on some particular product sets in that business


We will do so by actively managing our balance sheet. We will leverage existing cash on hand and excess cash flows generated throughout the year to enhance shareholder returns through organic and potential inorganic growth opportunities,

we will do so by actively managing our balance sheet we will leverage existing cash on hand and excess cash flows generated throughout the year to enhance shareholder returns through organic and potential inorganic growth opportunities


On a year-over-year basis, our financial performance was significantly impacted by the renegotiated contract for our South Texas Family Residential Center. However, utilization of that facility was near capacity throughout the quarter.

on a year-over-year basis our financial performance was significantly impacted by the renegotiated contract for our south texas family residential center however utilization of that facility was near capacity throughout the quarter


Over the long term, we believe we are well positioned to continue growing in excess of the overall automotive market, and maintain stable margins consistent with our historical norms while generating cash and paying a healthy dividend.

over the long term we believe we are well positioned to continue growing in excess of the overall automotive market and maintain stable margins consistent with our historical norms while generating cash and paying a healthy dividend


The one piece that causes me to not be able to answer your question is, while we are continuing to grow our platforms, and in this year, a lot of our customers that are buying our legacy SKUs are actually going to replace them

the one piece that causes me to not be able to answer your question is while we are continuing to grow our platforms and in this year a lot of our customers that are buying our legacy skus are actually going to replace them


Other litigation includes proceedings in New York federal district court against Roche and unrelated to the recent Delaware settlement, our pending appeal of the Life Technologies case before the Federal Circuit in New Haven.

other litigation includes proceedings in the new york federal district court against roche and an unrelated to the recent delaware settlement our pending appeal of the life technologies case before the federal circuit in new haven


This quarter we also entered into a license agreement with MedImmune, the global biologics research and development arm of AstraZeneca. This agreement represents a clear win-win situation.

this quarter we also entered into a license agreement with medimmune the global biologics research and development arm of astrazeneca this agreement represents a clear win-win situation


We also expect to continue to reduce overheads as we execute our ZBB program as we adjust our organization model and we realize the first savings from migrating back-office processes to global shared services.

we also expect to continue to reduce overheads as we execute our zbb program as we adjust our organization model and we realize the first savings from migrating back-office processes to global shared services


These products are aligned with the China government's focus on fostering innovation, and thus can potentially move more quickly through development and regulatory process and gain more favorable pricing.

these products are aligned with the china government's focus on fostering innovation and thus can potentially move more quickly through development and regulatory process and gain more favorable pricing


for over 10 years, and as a result, we've got a track record there. We brought new people along to help us grow the portfolio. So we've got the ability to

for over 10 years and as a result we've got a track record there we brought new people on to help us grow the portfolio so we've got the ability to


at retailers, such as CVS and Walgreens. We also recently announced a new partner for the brand in several home fragrance categories. AND1 continues to be a key performer

at retailers such as cvs and walgreens we also recently announced a new partner for the brand in several home fragrance categories and one continues to be a key performer


and involve risks and uncertainties. These statements include our guidance for first quarter and full year 2019, our medium-term guidance and the impact and timing of our acquisitions. Our actual results may differ materially from these statements.

and involve risks and uncertainties these statements include our guidance for first quarter and full year 2019 our medium-term guidance and the impact and timing of our acquisitions our actual results may differ materially from these statements


our software stack is now more able to be deployed in a more wholesome manner across the world. And so we're able to deliver more and more experiences and products to multiple countries.

and our software stack is now more able to be deployed in a more wholesome manner across the world and so we're able to deliver more and more experiences and products to multiple countries


We also released a financial presentation, which Keith will reference later in the call when he covers our financial results. You may find the financial presentation in the same Investors section under Events and Presentations.

we also released a financial presentation which keith will reference later in the call when he covers our financial results you may find the financial presentation in the same investors section under events and presentations


Thanks, Rusty. Let's jump right into the encouraging results we are seeing from our enhanced completions. We now have over 60 Niobrara wells online stimulated with enhanced completions, and we really like what we're seeing thus far.

thanks rusty let's jump right into the encouraging results we are seeing from our enhanced completions we now have over 60 niobrara wells online stimulated with enhanced completions and we really like what we're seeing thus far


we are seeing an overall trend of higher repair and maintenance costs and inconsistent run rates more broadly, which we believe allows us to ramp production up as we have made the necessary repairs and maintenance as a top priority in any market conditions.

we are seeing an overall trend of higher repair and maintenance costs and inconsistent run rates more broadly which we believe allows us to ramp production up as we have made the necessary repairs and maintenance to -- as a top priority in any market conditions


Nebraska, Louisiana. So it's typically playing out in different ways in different states. So the experience that we've had in Florida has been hugely beneficial to us. We're really the only player nationally that has a level of experience we do

nebraska louisiana so it's typically playing out in different ways in different states so the experience that we've had in florida has been hugely beneficial to us to be really the only player nationally that has a level of experience we do


the ability to help manage a client's traditional, transitional and transformational requirements begins with deep domain expertise. We believe our vertical structure and industry focus

the ability to help manage a client's traditional transitional and transformational requirements begins with deep domain expertise we believe our vertical structure and industry focus


This is because we only recognize revenue related to the first half of the patents that were included in the consideration we received from Huawei. We currently expect to recognize revenue related to the patents yet to be transferred

this is because we only recognize revenue related to the first half of the patents that were included in the consideration we received from huawei we currently expect to recognize revenue related to the patents yet to be transferred


I would say this much, as we get into that project and into that acquisition and look at the quality of it, as I've said in my comments, we're really excited about it. This is a really good business. It has very strong assets, great positions, great reserves

i would say this much as we get into that project and into that acquisition and look at the quality of it as i've said in a moment comments we're really excited about it this is a very good business it has very strong assets great positions great reserves


as we know, Central Bank has phased out additional buffers and they will be added gradually quarter by quarter. And the third side of that story is our ambition to grow the opportunities that we see in the market

as we know central bank has phased out additional buffers and they will be added gradually quarter by quarter and the third side of that story is our ambition to grow the opportunities that we see in the market


Okay. So if I could just ask a quick follow-up. So you have a pretty decent improving position from a business and a core perspective. Can you maybe now consider a more aggressive capital restructuring? We get a lot of questions about

okay so if i could just ask a quick follow-up so you have a pretty decent improving position from a business and a core perspective can you maybe now consider a more aggressive capital restructuring we get a lot of questions about


To ensure we are targeting the right market subsectors, we have looked at the total market size and estimated reasonable expectations of our growth rates we can attain in them. From this, we have put together a 3-year outlook on where the company revenues could be.

to ensure we are targeting the right market subsectors we have looked at the total market size and estimated reasonable expectations of our growth rates we can attain in them from this we have put together a 3-year outlook on where the company revenues could be


Very good one last question for Keith. You talked about the additional million dollars in savings, should I think of that as being pure sort of front end COGS savings or does some of that come out of OpEx as well?

very good well just one last question for keith you talked about the additional million in savings should i think of that as being pure sort of front-end cogs savings or does some of that come out of opex as well


type of traffic on a profitable, long-term basis. The other thing that I would mention to you that is often missed in these evaluations or the comments about the e-commerce business,

this type of traffic on a profitable long-term basis the other thing that i would mention to you that is often missed in these evaluations or the comments about the e-commerce business


So the deeper credit, it's an issue of price and being able to lever that up in a safe manner. And then the issue of MSRs and other business models, actual operating businesses. We've always had the view that we need to

so the deeper credit it's an issue of price and being able to lever that up in a safe manner and then the issue of msrs and other business models actual operating businesses we've always had the view that we need to


This advanced technology improves the physician, patient and pharmacy experience. It's simple to use, saves money for consumers and plan sponsors and leads to better pharmacy adherence and health.

this advanced technology improves the physician patient and pharmacy experience is simple to use saves money for consumers and plan sponsors and leads to better pharmacy adherence and health


a lot of feedback on food offerings, although we do get some. So it's -- I would think that it will fit within the way our provisioning works today. Whether we want to do something that is a little more unique for Hawaii,

a lot of feedback on food offerings although we do get some so it's -- i would think that it will fit within the way our provisioning works today whether we want to do something that is a little more unique for hawaii


from what they say, productive discussions with distribution partners. Just wondering, it would seem to me that, that would be a big change in the compensation structure for -- from an adviser's perspective. So wondering, how you think your advisers might react to such an arrangement.

from what they say productive discussions with distribution partners just wondering it would seem to me that that would be a big change in the compensation structure for -- from an adviser's perspective so wondering how you think your advisers might react to such an arrangement


Really, it's -- we have a powerful model when we can get incremental sales here. And so if you think about the marginal cost to serve here, it's not high. And so simply put, sales have been growing a lot faster than our costs on a variable side, which has been terrific.

really it's -- we have a powerful model when we can get incremental sales here and so if you think about the marginal cost to serve here it's not high and so simply put sales have been growing a lot faster than our costs on a variable side which has been terrific


Our design and engineering teams are constantly monitoring the rollout of the redesign and making improvements based on what we learn from our community and their usage of Snapchat. These adjustments to our products will continue over the next few quarters as we continue to optimize the application.

our design and engineering teams are constantly monitoring the rollout of the redesign and making improvements based on what we learn from our community and their usage of snapchat these adjustments to our products will continue over the next few quarters as we continue to optimize the application


I think frustrated is the right word. That it was -- we had these good savings we were getting in OIP, and for one reason they weren't dropping to the bottom line. And I think one of the things we said to the analyst and investor community was

i think frustrated is the right word that it was -- we had these good savings we were getting in oip and for one reason or another they weren't dropping to the bottom line and i think one of the things we said to the analyst and investor community was


We expect the mid-market to continue adopt at a faster pace than the large companies. We anticipate the revenue growth to slow a little bit in 2017, but continue to feel good about the momentum of this business in the long term.

we expect the mid-market to continue adopted a faster pace than the large companies we anticipate the revenue growth to slow a little bit in 2017 but continue to feel good about the momentum of this business in the long term


Economy, or the market situation, is up and down all the time, so it is hard to handle. So rather, we choose to focus on our competitiveness enhancement.

economy or the market situation is up and down all the time so it is hard to handle so rather we choose to focus on our competitiveness enhancement


Just like our other products, we work hard to design an innovative mortgage product. Not only have we made getting a mortgage simpler and more transparent experience including posted rates that are not only the real rates but also market-leading and an experience that makes it easier to get a mortgage.

just like our other products we've worked hard to design an innovative mortgage product not only have we made getting a mortgage simpler and more transparent experience including posted rates that are not only the real rates but also market-leading and an experience that makes it easier to get a mortgage


your cash flow in Mining. What do we expect at the end of the year? Can you still drop these expenses? Now what about slabs?

your cash flow in mining what do we expect at the end of the year can you still drop these expenses nor what about slabs


The RoutIT distribution platform enables us to process significantly more orders and also resulted in a very strong increase in MPS. This efficient delivery chain forms a solid platform for further accelerate

the routed distribution platform enables us to process significantly more orders and also resulted in a very strong increase in mps this efficient delivery chain forms a solid platform for further accelerate


To remind you, we've unbundled content like Spotify from our standard packages. We now offer skinny bundles, where our customers have more freedom to choose the content packages they really want.

to remind you we've unbundled content like spotify from our standard packages we now offer skinny bundles where customers have more freedom to choose the content packages they really want


recognizing and capitalizing on the way that learning styles of our employees have evolved over the years. These efforts are critical as we develop our teams internally in an increasingly challenging labor market.

recognizing and capitalizing on the way that learning styles of our employees have evolved over the years these efforts are critical as we develop our teams internally in an increasingly challenging labor market


bringing it up a little bit in U.K. as well. So we don't really have so much difference in that. It's just when we have a strong utilization, their margins are very, very good. It's really what we have to be careful of, is making sure we can forecast going forward and watch our utilization

bringing it up a little bit in u k as well so we don't really have so much difference in that it's just when we have a strong utilization our margins are very very good it's really what we have to be careful of is making sure we can forecast going forward and watch our utilization


Facility which will open before the end of this year in Saverne, which is quite similar to the previous facility, which I talked about. And it will also

facility which will open before the end of this year in savern which is quite similar to the previous facility which i talked about and it will also


now, if you try to see what's happening in Brazil, I can see a disruption in terms of the competitors in the first half of the year. But after this half year and by looking at your results and also

now if you try to see what's happening in brazil i can see a disruption in terms of the competitors in the first half of the year but after this half year and by looking at your results and also


All of the new Forerunners are compatible with our Connect IQ application framework, enabling users to personalize their watches with a host of interesting watch faces, custom data fields and useful applications developed by third parties.

all of the new forerunners are compatible with our connect iq application framework enabling users to personalize their watches with a host of interesting watch faces custom data fields and useful applications developed by third parties


terribly progressive disease leading to disability and compared to the natural history we are looking for retaining -- patient's retaining abilities, motor function, language function and so on.

terribly progressive disease leading to disability and compared to the natural history we are looking for retaining -- the patient's retaining abilities motor function language function and so on


Our factories require low investment and maintenance CapEx as compared to the sales that they generate. Second, our broad portfolio of products enables us to redeploy factories and employees and other resources to areas where we see the highest demand, enabling greater efficiency.

our factories require low investment and maintenance capex as compared to the sales that they generate second our broad portfolio of products enables us to redeploy factories and employees and other resources to areas where we see the highest demand enabling greater efficiency


We're outgrowing our Sunnyvale office space and are constructing the second building adjacent to our existing building, which we expect to occupy in the second half of 2020. Including spending on this project,

we're outgrowing our sunnyvale office space and are constructing a second building adjacent to our existing building which we expect to occupy in the second half of 2020 including spending on this project


competitive processes, because they know that we will deliver for them and have repeatedly over and over. They like the cost points that we can deliver at and the speed of delivery into something that is incredibly important to them.

competitive processes because they know that we will deliver for them and have repeatedly over and over they like the cost points that we can deliver at and the speed of delivering is something that is incredibly important to them


The only hitch remains us getting through these unbilleds and bringing the money back to the company. We will continue to work day and night to make that happen and keep you apprised as it takes place. Thank you.

the only hitch remains us getting through these unbills and bringing the money back to the company we will continue to work day and night to make that happen and keep you apprised as it takes place thank you


we reserve Q4, depending on where we are in inventory, about the level of production performance. So CV should look like every other year in terms of seasonality and AG will be less back-end loaded

we reserve q4 depending on where we are in inventory about the level of production performance so cd should look like every other year in terms of seasonality and ag will be less back-end loaded


We go into the second quarter with improved market conditions and continuing solid real estate fundamentals that are being supported by cross-border capital allocations to real estate, low interest rate and corporate occupier demand.

we go into the second quarter with improved market conditions and continuing solid real estate fundamentals that are being supported by cross-border capital allocations to real estate low interest rates and corporate occupier demand


and as we move through the fleet, we'll be spending a little bit more dollars in terms of CapEx, whether it be more fluid end or maybe a transmission rebuild, but that's where the differential in the dollar value comes.

and as we move through the fleet we'll be spending a little bit more dollars in terms of capex whether it be more fluid ends or maybe a transmission rebuild but that's where the differential in the dollar value comes


Adverse weather has weighed on auto results for most of 2016, and we expect that trend to continue into the fourth quarter. Historically, our underlying auto loss ratio was elevated by 5 to 6 points in the fourth quarter,

adverse weather has weighed on auto results for most of 2016 and we expect that trend to continue into the fourth quarter historically our underlying auto loss ratio was elevated by 5 to 6 points in the fourth quarter


In addition to the Austin site closure, which was a major undertaking for optimizing our operations, we also expanded into a new greenfield facility in China, which will serve as our backbone for growth in Asia.

in addition to the austin site closure which was a major undertaking for optimizing our operations we also expanded into a new greenfield facility in china which will serve as our backbone for growth in asia


programs overall did a nice job of bringing in clients, but like I said, more skewed towards prior clients than new. Could you give us a rough idea of the size of the free EZ program last year and this year?

programs overall did a nice job of bringing in clients but like i said more skewed towards prior clients than new could you give us a rough idea of the size of the free ez program last year and this year


I mentioned on our last call that we were beginning to get some of the volume out of the, what we call the Lakeshore region. Going back several months that was consistent with the opportunity and consistent with the investment that we made up there. And so that has continued

i mentioned on our last call that we were beginning to get some of the volume out of what we call the lakeshore region going back several months that was consistent with the opportunity and consistent with the investment that we made up there and so that has continued


And I'm pleased that we are already starting to get early benefits from the mindset shift that comes with our Connected 4 Growth program. The chart shows many examples where we have more than halved the innovation time for some of our launches.

and i'm pleased that we are already starting to get early benefits from the mindset shift that comes with our connected for growth program the chart shows many examples where we have more than halved the innovation time for some of our launches


So the construction time for that facility would be about a year longer than a restart at Val-d'Or. So if we get into next year and we decide Cook is the best option, we're going to have to get working on it earlier

so the construction time for that facility would be about a year longer than a restart of valdor so if we get into next year and we decide cook is the best option we're going to have to get working on it earlier


Another key topic at our Capital Markets Day was our rewire program, the restructuring and addressing significant change to Rolls-Royce across structure, across process,

another key topic at our capital markets day was our rewire program the restructuring and addressing significant change to rolls-royce across structure across process


While credit trends will vary from quarter-to-quarter, our general portfolio quality continues to be in line with historical performance. And I'm extremely proud of our consistently strong track record of quality underwriting.

while credit trends will vary from quarter to quarter our general portfolio quality continues to be in line with historical performance and i'm extremely proud of our consistently strong track record of quality underwrite


We understand the customers' data and privacy and how to deal with that. We're the ones who have pushed for a consumer Bill of Rights and pushed that legislative earlier this year, long before this became a headline story

we understand the customer's data and privacy and how to deal with that we're the ones who have pushed for a consumer bill of rights and pushed that legislative earlier this year long before this became a headline story


And so -- which appears to be a pretty similar situation. And so I would say that the pressure is mounting on the issue, and you've got projects there that are both important

and so -- which appears to be a pretty similar situation and so i would say that the pressure is mounting on the issue and you've got projects there that are both important


This includes enhancing the ways in which we connect and engage with our customers. And at the same time, we're generating strong returns and substantial cash flow in our businesses. And this enables us to strike the right balance between investing in growth

this includes enhancing the ways in which we connect and engage with our customers and at the same time we're generating strong returns and substantial cash flow in our businesses and this enables us to strike the right balance between investing in growth


Federal results were driven by ongoing success working with agencies as they moved ahead with projects funded under the current Omnibus budget as well as ongoing successful alignment with strategic programs.

federal results were driven by ongoing success working with agencies as they moved ahead with projects funded under the current omnibus budget as well as ongoing successful alignment with strategic programs


And frankly, I want to get us to the position where we find something else to do and that's the message I've delivered to our folks. Because even when we had the volume, it was fairly empty calories.

and frankly i want to get us to the position where we find something else to do and that's the message i've delivered to our folks because even when we had the volume it was fairly empty calories


We know that there is a market for a new entrant who wants to come in and try it out and see what it's all about. But when you pick up the phone and you don't get to talk to a human being on the other side, that's a pretty powerful telltale sign of things just aren't working right,

we know that there is a market for a new entrant who wants to come in and try it out and see what it's all about but when you pick up the phone and you don't get to talk to a human being on the other side that's a pretty powerful telltale sign of things just aren't working right


Our Q4 guidance reflects a number of factors. First, as we discussed on last quarter's call, we made strategic decisions to proactively make additional investments in the back half of the year to continue to drive the Best Buy 2020 strategy forward.

our q4 guidance reflects a number of factors first as we discussed on last quarter's call we made strategic decisions to proactively make additional investments in the back half of the year to continue to drive the best buy 2020 strategy forward


We remain committed to meeting our obligations on these projects and supporting our customers and the owner of the plant as well as help bring a much-needed new power supply to the country of South Africa.

we remain committed to meeting our obligations on these projects and supporting our customers and the owner of the plants as well as help bring a much-needed new power supply to the country of south africa


We are a contractor for various components at each of the sites with a scope that can include engineering, manufacturing, construction and commissioning, depending on the specific contract and client.

we are a contractor for various components at each of the sites with a scope that can include engineering manufacturing construction and commissioning depending on the specific contract and client


So far, these wells have settled in nicely. And as we turn on more wells, we continue to see similar results, which really confirms our decision to move to this completion design. On the operations front, we had another successful quarter.

so far these wells have settled in nicely and as we turn on more wells we continue to see similar results which really confirms our decision to move to this completion design on the operations front we had another successful quarter


but I think I would like to stress here as well the point that there are markets we entered only in the last 3 to 4 years that are still small. But at that level, we can grow nicely.

but i think i would like to stress here as well the point that there are markets we entered only the last 3 to 4 years that are still small but at that level we can grow nicely


Barrett, this is Steve. I think Johnson County has got a lot of opportunity for not only refrac but for new location drills. And if you look at some of the other assets that have been sold recently in the Barnett,

so barrett this is steve i think johnson county's got a lot of opportunity for not only refrac but for new location drills and if you look at some of the other assets that have been sold recently in the barnett


for any other reason than the market is growing. So if we increase capital expenditures, as Alan said, it will be because the market is growing. We think we can make more money and increase cash flows

for any other reason than the market's growing so if we increase capital expenditures as alan said it will be because the market is going we think we can make more money and increase cash flows


in those more progressive relationships. So we've migrated that up to about half as of today, and we'll continue to push forward on that. And as Steve mentioned, we've driven some very nice results across all 3 lines of business. We see things like lower in-patients

in those more progressive relationships so we've migrated that up to about half as of today and we'll continue to push forward on that and as steve mentioned we've driven some very nice results across all 3 lines of business we see things like lower inpatient


Austin is our primary market, and we have a strong presence here. But there are also opportunities for Stratus in other select, fast-growing markets in Texas, as shown through our purchases of the New Caney and Kingwood Place properties in the Houston area.

austin is our primary market and we have a strong presence here but there are also opportunities for strategy in other select fast-growing markets in texas as shown through our purchases of the nutcane and kingwood place properties in the houston area


This hybrid model allows us to broaden our customer base and participate in markets where we may not otherwise have a solution to offer and also allows for deeper penetration at our solutions-based customers.

this hybrid model allows us to broaden our customer base and participate in markets where we may not otherwise have a solution to offer and also allows for deeper penetration at our solutions-based customers


Yes, Ryan, let me take that one. Again, as we understand the rule today, not having seen the final version, we continue to have the view that we will operate outside the best interest contract exemption.

yes ryan let me take that one again as we understand the rule today not having seen the final version we continue to have the view that we will operate outside the best interest contract exemption


Compared to the old design, core metrics around content consumption and time spent in the redesigned application are disproportionately higher for users over the age of 35, which bodes well for increasing engagement among older users as we continue to grow our business.

compared to the old design core metrics around content consumption and time spent in the redesigned application are disproportionately higher for users over the age of 35 which bodes well for increasing engagement among older users as we continue to grow our business


which are driving better safety performance. Over time, we expect that safety performance to continue and mitigate the headwinds we're seeing on the insurance side. So I would tell you, short term, there are some levers we could execute against.

which are driving better safety performance over time we expect that safety performance to continue and mitigate the headwinds we're seeing on the insurance side so i would tell you short term there are some levers we could execute against


The pretax margin contribution from this business has also improved by 50 basis points this year, and we are pleased to report that the growth continues to come from both our government health care consulting business and our core accounting business.

the pretax margin contribution from this business has also improved by 50 basis points this year and we are pleased to report that the growth continues to come from both our government healthcare consulting business and our core accounting business


On top of that, the evidence that we have is that we have seen a larger number of RFPs and that we've actually won a nice number of sizable engagements for off-season work, which is a

on top of that the evidence that we have is that we have seen a larger number of rfps and that we've actually won a nice number of sizable engagements for off-season work which is


Some of those work streams, I've already started to see some of their initiatives land in the business and rally to start accruing, whereas others are far longer term and may well require net investment this year but will pay back from FY '20 and beyond. So for example,

some of those work streams have already started to see some of their initiatives land in the business and value to start accruing whereas others are far longer term and may well require net investment this year but will pay back from fy '20 and beyond so for example


John, my personal opinion is I think we've seen a little bit of a bottoming out on pricing. I would think going forward you should see plus or minus 10% for newly originated transactions for us.

john my personal opinion is i think we've seen a little bit of a bottoming out on pricing i would think going forward you should see plus or minus 10 for newly originated transactions for us


And to answer your second and third question -- I'm not sure if I heard all your questions correctly, but in terms of the Bio business and for the red Bio and in terms of the growth strategy, we

and to answer your second and third question i'm not sure if i heard all your questions correctly but in terms of the bio business and for the red bio and in terms of the growth strategy we


all completed by the end of 2017, is that what we should have in our numbers? And second question, just around some of the tax implications that were talked about earlier in the year,

all completed by the end of 2017 is that what we should have in our numbers and second question just around some of the tax implications that were talked about earlier in the year


with emphasis on the fourth quarter. For further reference, we've also attached an expanded quarterly appendix at the end of this presentation, as well as a full quarterly reconciliation of any non-GAAP financial measures used.

with emphasis on the fourth quarter for further reference we've also attached an expanded quarterly appendix at the end of this presentation as well as a full quarterly reconciliation of any non-gaap financial measures used


which had been strong in the second and third quarters of last year, revenue was also impacted by the increased severity of the competitive environment. Demand in Q3 was weaker than we originally expected.

which had been strong in the second and third quarters of last year revenue was also impacted by the increased severity of the competitive environment demand in q3 was weaker than we originally expected


and that really is one of the things that gave rise to as we discussed having third-party support for the creation of our MAP Navigator product and ongoing screening thereafter. And I would say those are the

and that really is one of the things that gave rise to as we discussed having third-party support for the creation of our map navigator product and ongoing screening thereafter and i would say those are the


In fact, we think about integration as a key theme for the bank in 2019. This will be critical to unlocking the full revenue and earnings potential of the acquisitions.

in fact we think about integration as a key theme for the bank in 2019 this will be critical to unlocking the full revenue and earnings potential of the acquisitions


some of our competitors over the last couple of years, because we've spent most of our time realigning our portfolio and focusing on those lines of business where we think we have the best opportunity to generate an acceptable margin.

some of our competitors over the last couple of years because we've spent most of our time realigning our portfolio and focusing on those lines of business where we think we have the best opportunity to generate an acceptable margin


We will continue to improve our cost position. And I am very pleased that we achieved underlying margin improvement in this quarter as well as 2016 in total. And we will continue

we will continue to improve our cost position and i am very pleased that we achieved underlying margin improvement in this quarter as well as 2016 in total and we will continue


Yes, thanks, Tim. I don't know that I would quite characterize them as pushbacks as much as questions or options, and everybody sort of has a slightly different take on the pluses and minuses of the options. But let's look at some of the dimensions. One is time frame.

yes thanks tim i don't know that i would quite characterize them as pushbacks as much as questions or options and everybody sort of has a slightly different take on the pluses and minuses of the option but let's look at some of the dimensions one is time frame


Lower net interest expense was due to interest income on a higher average cash balance and increased capitalized interest. The corporate overhead cost decrease was due to employee severance costs recognized in the third quarter.

lower net interest expense was due to interest income on a higher average cash balance and increased capitalized interest the corporate overhead cost decrease was due to employee severance costs recognized in the third quarter


We have right now factored into Q1 effectively no change. And now what we have been told is 60 to 90 days. We are already

we have right now factored into q1 effectively no change and now what we have been told is 60 to 90 days we are already


building out our relationship with them, and better serving them through each phase of their weight loss journey, and two, our ability to grow reactivation revenues as former customers return to us at increased rates as they learn about our new programs,

building out our relationship with them and better serving them through each phase of their weight loss journey and two our ability to grow reactivation revenues as former customers return to us at increased rates as they learned about our new program


or in terms of earnings and while we love the buildings we have in each market, and while they are excellent buildings and in a way the best Class I buildings in those markets.

or in terms of earnings and while we love the buildings we have in each market and while they are excellent buildings and in a way the best class i buildings in those markets


They are making commitments that are firm on large chunks of space with options to expand in time. We don't allow the tenants to

they are making commitments that are firm on large chunks of space with options to expand in time we don't allow the tenants to


But still in '17, we are going to have some noise that we'll have to explain to you and has to do with costs being dragged up by revenues. So the net will be the right one, positive,

but still in '17 we are going to have some noise that will have to explain you it has to do with costs being dragged up by revenues so the net will be the right one positive


Under the old method, we recorded client reimbursements as a contra expense at the time of invoicing. This used to reduce noncompensation expenses and have no effect on revenue. Under the new method, we record client reimbursements as revenues.

under the old method we recorded client reimbursements as a contra expense at the time of invoicing this used to reduce noncompensation expenses and have no effect on revenue under the new method we record client reimbursements as revenues


or flat, mostly up in all of the previous 6 years. So if you take an overall look at the company over the last few years, one of the big things that we've driven is a much better balance across all device types.

or flat mostly up in all of the previous 6 years so if you take an overall look at the company over the last few years one of the big things that we've driven is a much better balance across all device types


so we think it's a very good moment of the company, and we expect the next quarter, the last quarter of the year to keep very good numbers. So thank you very much to everyone and have a very good day. So thanks a lot.

so we think it's a very good moment of the company and we expect the next quarter the last quarter of the year to keep very good numbers so thank you very much to everyone and have a very good day so thanks a lot


our revenue range needs to be adjusted for this new classification determination. For the second factor, there are some larger customer opportunities in the pipeline that have been slightly delayed from an expected ramp date.

our revenue range needs to be adjusted for this new classification determination for the second factor there are some larger customer opportunities in the pipeline that have been slightly delayed from an expected ramp date


We are currently 6 weeks into this effort. And while it is still early days in what will ultimately be a 6- to 9-month project, I am very encouraged by what we are seeing in terms of the potential gains in throughput while maintaining current headcount levels.

we are currently 6 weeks into this effort and while there's still early days in what will ultimately be a 6- to 9-month project i am very encouraged by what we are seeing in terms of the potential gains in throughput while maintaining current headcount levels


So if we're at that place with supply recovery and we continue to make progress on the culture of the organization, particularly again around our commercial organization, I think we're in a position to begin to go on true offense.

so if we're at that place with supply recovery and we continue to make progress on the culture of the organization particularly again around our commercial organization i think we're in a position to begin to go on through offense


So that should mean less exports from Europe. We were seeing a decline in the exports from Europe into the harbor. They were heading down to the South Central America. So don't know that, that's going to have an impact.

so that should mean less exports from europe we were seeing a decline in the exports from europe into the harbor they were heading down to the south central america so don't know that that's going to have an impact


is it just -- I mean this makes all the sense in the world. We have 3 entities that are relatively subscale who we think we can drive significant benefits by creating more scale

is it just -- i mean this makes all the sense in the world we have -- do we have 3 entities that are relatively subscale who we think we can drive significant benefits by creating more scale


So there may continue to be a modest amount of related expenses as we go forward that we've broken out, but the more significant, like operational expenses and things that we were incurring last year, are behind us.

so there may continue to be a modest amount of related expenses as we go forward that we've broken out but the more significant like operational expenses and things that we were incurring last year are behind us


and will enable Cornerstone to return cash to those shareholders who want to monetize their investment in the near term while preserving our ability to fund growth opportunities and increase shareholder value in the years ahead.

and it will enable cornerstone to return cash to those shareholders who want to monetize their investment in the near term while preserving our ability to fund growth opportunities and increase shareholder value in the years ahead


Before turning the call back over to Mark, I would like to touch on our balance sheet. Prudent balance sheet management and conservative leverage have been cornerstones of DiamondRock's strategy for over a decade.

before turning the call back over to mark i would like to touch on our balance sheet prudent balance sheet management and conservative leverage have been cornerstones of diamond rock's strategy for over a decade


It's not early days in the process. And -- but it is, of course, still ultimately impossible to predict. We are engaging with a wide range of potential partners

it's not early days in the process and -- but it is of course still ultimately impossible to predict we are engaging with a wide range of potential partners


We are diversifying our revenue profile, which is helping to lower variability. And we continue to execute on our manufacturing transformation and cost-reduction initiatives, which enable us to continue driving profitability and free cash flow growth.

we are diversifying our revenue profile which is helping to lower variability and we continue to execute on our manufacturing transformation and cost reduction initiatives which enable us to continue driving profitability and free cash flow growth


But it does seem to be spreading out a little bit more over the course of the last 2 or 3 quarters. And I think it's important to recognize that we expected this creep, this creep from urban markets into more rural markets.

but it does seem to be spreading out a little bit more over the course of the last 2 or 3 quarters and i think it's important to recognize that we expected this creep this creep from urban markets into more rural markets


While resolution of raw material access is ultimately a function of weather, we are working with our supplier to arrange alternative logistics at the site. And as of this time, we are anticipating that production in Wesseling may be curtailed by approximately 3 weeks.

while resolution of raw material access is ultimately a function of weather we are working with our supplier to arrange alternative logistics at the site and thus at this time we're anticipating that production and vesseling may be curtailed by approximately 3 weeks


with Paul. We were at dinner and we have got us -- the wheel business is no problem. We can do it. We got to jack it up on the other. So that's my story there. So I'm happy with it

with paul we were at dinner and we got -- the wheel business is no problem we can do it we got to jack it up on the other so that's my story there so i'm happy with it


The first is that despite this guidance revision, we have tremendous confidence that our accelerated integration activities are progressing. They will generate the incremental returns we're aiming for, and they'll drive permanent improvements to efficiency throughout our business.

the first is that despite this guidance revision we have tremendous confidence that our accelerated integration activities are progressing they will generate the incremental returns we're aiming for and they'll drive permanent improvements to efficiency throughout our business


based on the strength of the fourth quarter. And yet, a category that we track for opportunities, which have not yet been committed to, remains really at a pretty high level. But our raw committed

based on the strength of the fourth quarter and yet a category that we track for opportunities which have not yet been committed to remains really at a pretty high level but our raw committed


Still, a tremendous amount of work to be done, both leading up to the pivotal and then through the pivotal. But I think Antonio and the team are doing all of the critical steps now to prepare for the conduct of that pivotal trial.

still a tremendous amount of work to be done both leading up to the pivotal and then through the pivotal but i think antonio and the team are doing all of the critical steps now to prepare for the conduct of that pivotal trial


throughout 2017. As a reminder, we are also in the process to developing our patent pending molded structural composite technology, that we believe will have broad applications in the dry and refrigerated truck body and refrigerated space.

throughout 2017 as a reminder we are also in the process of developing our patent-pending molded structural composite technology that we believe will have broad applications in the dry and refrigerated truck body and refrigerated space


This sentiment has been validated at recent events like Mobile World Congress in Barcelona and the 5G Summit in Brooklyn, where NI customers like Nokia and Intel have demonstrated the power of our modular approach.

this sentiment has been validated at recent events like mobile world congress in barcelona and the 5g summit in brooklyn where ni customers like nokia and intel have demonstrated the power of our modular approach


we haven't seen a meaningful dropoff. And in fact, I do believe that construction activity in China recently has started to pick back up. That's what we're hearing from our folks on the ground. And so we would expect, as we

we haven't seen a meaningful drop-off and in fact i do believe that construction activity in china recently has started to pick back up that's what we're hearing from our folks on the ground and so we would expect as we


To complement all of this, we've added an incremental 1,500 dedicated smart home store employees to make sure that when you come to shop with us, we'll do a great job identifying what smart home solution would work best for you.

to complement all of this we've added an incremental 1 500 dedicated smart home store employees to make sure that when you come to shop with us we'll do a great job identifying what smart home solution would work best for you


In our first 5 months as a standalone company, we have also begun to identify potential growth opportunities, where we can leverage our core compliance and process management capabilities, along with our breadth of long-standing client relationships to serve new markets.

in our first 5 months as a stand-alone company we have also begun to identify potential growth opportunities where we can leverage our core compliance and process management capabilities along with our breadth of long-standing client relationships to serve new markets


as we are facing severe changes in the environment, we are taking a cash flow focused management approach in order to maintain financial soundness, and also from the perspective of strengthening our management foundations.

as we are facing severe changes in the environment we are taking a cash flow-focused management approach in order to maintain financial soundness and also from the perspective of strengthening our management foundations


As we look at our second quarter results, our crude oil sales volumes exceeded the high end of our guidance by almost 1,100 barrels per day or almost 5%, and

as we look at our second quarter results our crude oil sales volumes exceeded the high end of our guidance by almost 1 100 barrels per day or almost 5%


So it has real business application and it's real time. So it allows them to work directly on the clients that are the most valuable to them. They're the ones that are already in their system.

so it has real business application and it's real time so it allows them to work directly on the clients that are the most valuable to them they're the ones that are already in their system


As a result, we are projecting a high-teen percent decline in Coffee segment profit for the second quarter as compared to the prior year. However, looking at the back half of the year, we expect these profit trends to shift dramatically.

as a result we are projecting a high 10% decline in coffee segment profit for the second quarter as compared to the prior year however looking at the back half of the year we expect these profit trends to shift dramatically


we don't have to search high and low for these projects. These projects come from the business and we get the opportunity to challenge the projects and invest the money where we know we'll get the return, but we're not short of projects for organic investment or business.

we don't have to search high and low for these projects these projects come from the business and we get the opportunity to challenge the projects and invest the money where we know we'll get the return but we're not short of projects for organic investment in our business


in certain origins, they may be waiting a little bit longer for some customers to make decisions. Certainly, some of the lower crop size in Brazil is shifting some of their ability to make decisions later in the year. And as we're only into the second fiscal quarter,

in certain origins they may be waiting a little bit longer for some customers to make decisions certainly some of the lower crop size in brazil is shifting some of their ability to make decisions later in the year and as we're only into the second fiscal quarter


But by the same token, I will tell you we are very confident that we know exactly what to do here. It's not an overnight trick. This is going to be fundamentals and hard work as we've done before. But these are very good brands. As I just pointed out,

but by the same token i will tell you we are very confident that we know exactly what to do here it's not an overnight trick this is going to be fundamentals and hard work as we've done before but these are very good brands they just pointed out


Most of our wins are going to come in that area because there aren't a whole lot of mechanical system being sourced anymore, and every win is essentially a confirmation of our capabilities to do that.

most of our wins are going to come in that area because there aren't a whole lot of mechanical system being sourced anymore and every win is essentially a confirmation of our capabilities to do that


to make the platform tangible and for our people to really understand what is the concept of hybrid integration platform, and how it tied and how it validates all the investment that they made in the past toward the future.

to make the platform tangible and for people to really understand what is the concept of hybrid integration platform and how it tied and how it validates all the investment that they made in the past toward the future


restructuring that bank debt and lowering the interest cost of that bank debt as we've described a number of times over the past few years. However, we have an ambition to reduce the proportion of bank debt

restructuring that bank debt and lowering the interest cost of that bank debt as we've described a number of times over the past few years however we have an ambition to reduce the proportion of bank debt


probably past the midpoint of the year to get a sense of what it looks like. But the plan in 2020 is to do the same thing to be fully hedged and to protect that program given the volatility in the markets.

probably past the midpoint of the year to get a sense of what it looks like but the plan in 2020 is to do the same thing to be fully hedged and to protect that program given the volatility in the markets


the revolver test. So it would be fair to say that the theoretical capacity of our debt agreements gives us a tremendous amount of capacity and

the revolver test so it would be fair to say that the theoretical capacity of our debt agreements gives us a tremendous amount of capacity and


our CapEx will not be as high this year as it was last year. Last year and the year before that, certainly for the Flavor group, was a bit artificially high because we were -- we had a lot of restructuring activities,

our capex will not be as high this year as it was last year last year and the year before that certainly for the flavor group was a bit artificially high because we were -- we had a lot of restructuring activities


we'll be talking about what we are seeing in the mid and the last 2 years, and very much in the last year, and we still see there

i will be talking about what we are seeing in the media in the last 2 years and very much in the last year and we still see there


at the infrastructure upgrade process, which slows down our sales cycle. So I don't think incentive can do that. But we have some new things coming up in our story about how we can accelerate

the infrastructure upgrade process which slows down our sales cycle so i don't think incentive can do that but we have some new things coming up in our story about how we can accelerate


This now marks the fourth consecutive quarter of accelerating organic revenue growth for Entercom. And as you will hear in a few moments, our pacings look strong for the remainder of the year, and we are optimistic about our ability to continue to generate strong same-station growth.

this now marks the fourth consecutive quarter of accelerating organic revenue growth for intercom and as you will hear in a few moments our pacings look strong for the remainder of the year and we are optimistic about our ability to continue to generate strong same-station growth


we are poised to deliver on the promise of the product category we anticipated when launching DuraFit. Our objectives in 2017 in this market segment are to continue to grow the DuraFit brand and support the market penetration of our new downstream partners.

we are poised to deliver on the promise of the product category we anticipated when launching durafit our objectives in 2017 in this market segment are to continue to grow the durafit brand and support the market penetration of our new downstream partners


We are experiencing delays in some of our cost-reduction efforts in certain geographies. As a result, we now believe it may take through the end of the year of fiscal 2018 to complete the remaining activities.

we are experiencing delays in some of our cost reduction efforts in certain geographies as a result we now believe it may take through the end of the year of fiscal 2018 to complete the remaining activities


It most probably will be somewhat lower than our regular margin because of this Fed Bid. But what it does is it creates -- having said that, it has a very major positive impact of creating an overall

it most probably will be somewhat lower than our regular margin because of this fed bid but what it does is it creates -- having said that it has a very major positive impact of creating an overall


during the first quarter of 2019 from which we expect to gain insights that will assist us in our evaluation of the effects of sotatercept as a potential first in class disease-modifying treatment.

during the first quarter of 2019 from which we expect to gain insights that will assist us in our evaluation of the effects of sotatercept as a potential first-in-class disease-modifying treatment


And then thirdly, can you just flesh out your ambitions on the delivery, please? Do you think you can put it in more sites? And what kind of share of sales are you getting from those sites where you have got delivery?

and then thirdly can you just flesh out your ambitions on delivery please do you think you can put it in more sites and what kind of share of sales are you getting from those sites where you have got delivery


We now have over 0.5 million members. Over 80% of the customers that we talk to, who have chosen to activate their membership, and a high proportion of those then start to interact with the brand.

we now have over 0 5 million members over 80% of the customers that we talk to have chosen to activate their membership and a high proportion of those then start to interact with the brand


Our expense ratio is coming down, so I think those are all examples of us being at scale or at least getting very close to scale depending upon which part of the group we're talking about.

our expense ratio is coming down so i think those are all examples of us being at scale or at least getting very close to scale depending upon which part of the group we're talking about


in order to get Fluid Handling back towards the mid-teens operating margin? Or what kind of revenue run rate do you feel that you need? Given over the last several years, you've done something structurally to improve the business, et cetera, so I would imagine

in order to get fluid handling back towards the mid-teens operating margin or what kind of revenue run rate do you feel that you need given over the last several years you've done some things structurally to improve the business et cetera so i would imagine


our strong belief that the addition of Wilshire was a very important component for the program and for our advisers, and that has taken time to think through and get contracts and start to frame out how that will work. So

our strong belief that the addition of wilshire was a very important component for the program and for our advisers and that has taken time to think through and get contracts and start to frame out how that will work


I think the other thing we look at, of course, is the strength of the credit card programs. We know already, based on the negotiations we've done with Chase and Amex, that they are as excited as we are about the power of this platform.

i think the other thing we look at of course is the strength of the credit card programs we know already based on the negotiations we've done with chase and amex that they are as excited as we are about the power of this platform


And probably most materially in terms of driving behavior and shift in performance has been the shift in the architecture of the incentive structures within the business, which has pivoted more towards revenue and long-term performance and away from solely in-year profit.

and probably most materially in terms of driving behavior and shift in performance has been the shift in the architecture of the incentive structures within the business which has pivoted more towards revenue and long-term performance and away from solely in-year profit


that big dataset, in order to allow it to really reach its full potential for the marketplace. And so we've been preparing ourselves for that, and that's why you see the size of the panel increase. Now as far as acquiring set-top box data

that big data set in order to allow it to really reach its full potential for the marketplace and so we've been preparing ourselves for that and that's why you see the size of the panel increase now as far as acquiring set-top box data


Is that top line indicative of how we should think about growth in earnings if we think about it longer term? I know there's complexities on the accounting in terms of what's flowing to the top line and what's flowing as rebates on the expense line.

is that top line indicative of how we should think about growth in earnings if we think about it longer term i know there's complexities on the accounting in terms of what's flowing to the top line and what's flowing as rebates on the expense line


Thanks, Tim. As Tim mentioned, we are very pleased with the finance results we are seeing this year. They reflect a dedicated service of our agents and our employees as well as our commitment to deliver on our strategy.

thanks tim as tim mentioned we are very pleased with the financial results we are seeing this year they reflect the dedicated service of our agents and our employees as well as our commitment to deliver on our strategy


getting any worse or getting any better? I don't think it's changed much, it's still a challenge to get it through government approval agencies. The time constraints there continue to be challenging. But

getting any worse or getting any better i don't think it's changed much it's still a challenge to get it through government approval agencies the time constraints there continue to be challenging but


We also, as I mentioned earlier, the temporary nature of the advantage is likely to do dissipate with a number of pipelines, and we all know that Texas is a friendly state in terms of building out energy infrastructure.

we also as i mentioned earlier the temporary nature of the advantage is likely to dissipate with a number of pipelines and we all know that texas is a friendly state in terms of building out energy infrastructure


The reach and breadth of our footprint is remarkable when you think that just a few short years ago in 2015, Amicus in total had fewer than 200 employees operating out of our one location here in New Jersey.

the reach and breadth of our footprint is remarkable when you think that just a few short years ago in 2015 amicus in total had fewer than 200 employees operating out of our one location here in new jersey


The year-over-year decrease was driven by both products and service, and the sequential decrease was driven by lower consumables. A significant portion of our consumables revenue is tied to a small number of customers.

the year-over-year decrease was driven by both products and service and the sequential decrease was driven by lower consumables a significant portion of our consumables revenue is tied to a small number of customers


are subject to risks and uncertainties. Trimble's actual results may differ materially from those currently anticipated due to a number of factors detailed in the company's Form 10-K and 10-Q or other documents filed with the Securities and Exchange Commission.

are subject to risks and uncertainties trimble's actual results may differ materially from those currently anticipated due to a number of factors detailed in the company's form 10-k and 10-q or other documents filed with the securities and exchange commission


We expect to achieve very high returns on what is a nominal investment made possible because of our ownership of the data center. We are constantly trying to think of creative ways to further monetize our assets, and this is just another example of what we do.

we expect to achieve very high returns on what is a nominal investment made possible because of our ownership of the data center we are constantly trying to think of creative ways to further monetize our assets and this is just another example of what we do


with the same quarter so far. So we will work in the future to identify if we can change this, if not we will continue to have a lag of 3 months. But in the middle, we have to analyze subsequent events

with the same quarter so far so we will work in the future to identify if we can change this if not we will continue to have a lag of 3 months but in the middle we have to analyze subsequent events


We highlighted on our last call the 3 engagement models with which we go-to-market. These engagement models provide customers a flexible approach to create the required commercial infrastructure they will need to manage their revenue.

we highlighted on our last call the 3 engagement models with which we go to market these engagement models provide customers a flexible approach to create the required commercial infrastructure they will need to manage their revenue


In conjunction with the relisting, we also plan to launch an extensive investor outreach effort that will include increased participation at industry conferences and a higher degree of interaction with the investment community.

in conjunction with the relisting we also plan to launch an extensive investor outreach effort that will include increased participation at industry conferences and a higher degree of interaction with the investment community


And we will also disclose what are the capital investment plans and the initiatives that we have in terms of -- in terms of outsourcing.

and we will also disclose what are the capital investment plans and the initiatives that we have in terms of outsourcing


It's about 70. It's about 70, it's relatively stable at this point in time. But as we've moved through the past year, we have had some turnover, that was kind of expected as we really transition from selling products to solutions

about 70 about 70 it's relatively stable at this point in time but as we've moved through the past year we have had some turnover that was kind of expected as we really transitioned from selling products to solutions


As Scott mentioned, I'll go over our financial results in more detail and discuss our current hedging activities. I will also walk through our upcoming credit facility redetermination and provide updated guidance for the remainder of the year.

as scott mentioned i'll go over our financial results in more detail and discuss our current hedging activities i will also walk through our upcoming credit facility redetermination and provide updated guidance for the remainder of the year


We did see or we have continued to see higher pulp prices, albeit that I did say earlier that they are coming off a little bit now. But at the same time, we've been able to achieve savings in chemical and energy costs.

we did see -- we have continued to see higher pulp prices albeit that i did say earlier that they are coming off a little bit now but at the same time we've been able to achieve savings in chemical and energy costs


Matt, typically, we don't -- I don't focus necessarily on the number of people that we pick up. I look at the quality of people that we can get. So I try not to limit ourselves. Do we budget to a number of people? Yes.

matt typically we don't -- i don't focus necessarily on the number of people that we pick up i look at the quality of people that we can get so i try not to limit ourselves do we budget to a number of people yes


We're looking for folks where there is a cultural fit, where there is a business model fit, where 1 plus 1 is going to be more than 2. And we continue to believe there are opportunities out there for us, we just need to make sure we find the right ones.

we're looking for folks where there is a cultural fit where there is a business model fit where 1 plus 1 is going to be more than 2 and we continue to believe there are opportunities out there for us we just need to make sure we find the right ones


or approximately 4% annualized. We are pleased to have this level of growth, particularly in light of the competitive pressures and the anticipated runoff we experienced in our acquired loan balances, as we worked through the integrations of our 2 merger partners.

or approximately 4% annualized we are pleased to have this level of growth particularly in light of the competitive pressures and the anticipated runoff we experienced in our acquired loan balances as we've worked through the integrations of our 2 merger partners


do you think that you have a chance to beat those? And if so, in what area would that come from? And then second, if you could just clarify your interest and capacity to do more acquisitions

do you think that you have a chance to beat those and if so in what area would that come from and then second if you could just clarify your interest and capacity to do more acquisitions


Okay, that's awesome. And then my other question is kind of more of a housekeeping question. Can you just explain the tax rate to me? I kind of thought it would be lower than the 24% that you booked in the quarter,

okay that's awesome and then my other question is kind of more of a housekeeping question can you just explain the tax rate to me i kind of thought it would be lower than the 24% that you booked in the quarter


on the center and southern portions of the country, can you give us kind of some perspective on how those AUVs look versus the rest of the country? And I know you mentioned they're lower cost, but I'm thinking maybe they're also

on the center and southern portions of the country can you give us kind of some perspective on how those auvs look versus the rest of the country and i know you mentioned they're lower costs but i'm thinking maybe they're also


For fiscal year 2020, we plan to open 12 to 15 new stores in existing states, which will all be in our new store layout, featuring an enhanced customer experience and a more efficient sales process.

for fiscal year 2020 we plan to open 12 to 15 new stores in existing states which will all be in our new store layout featuring an enhanced customer experience and a more efficient sales process


construction that -- and the gathering system that feeds into that is a bit variable as to timing as well. So it's not really a question of how much in terms of projects really. It's just a matter of the timing of those projects.

construction that -- and the gathering system that feeds into that is a bit very close to timing as well so it's not really a question of how much in terms of projects really it's just a matter of the timing of those projects


Thank you, Atif. Good afternoon, everyone, and welcome to the call. We're pleased to report another successful quarter, building on the momentum from the prior few quarters. Chris will cover the financials in detail, but I'd like to make a few high-level comments.

thank you atif good afternoon everyone and welcome to the call we're pleased to report another successful quarter building on the momentum from the prior few quarters chris will cover the financials in detail but i'd like to make a few high-level comments


So it will give us time to reallocate capital to reduce our debt in the near term and that's one of the main initiatives. The second one is, if there are any opportunities from a portfolio perspective,

so it will give us time to reallocate capital to reduce our debt in the next near term and that's one of the main initiatives the second one is if there are any opportunities from a portfolio perspective


We are taking every legal step to have the vessel released as soon as possible, but due to the slow legal processes locally, this has taken longer than expected. But we now have a Bangladesh High Court order in our favor for the release of the vessel.

we are taking every legal step to have the vessel released as soon as possible but due to a slow legal processes locally this has taken longer than expected but we now have a bangladesh high court order in our favor for the release of the vessel


if -- it doesn't look that much different to end Q3. So should I take your comments earlier to mean that some of the branch deposit growth has been so much stronger that you feel that you can permanently

if -- it doesn't look that much different to nq3 so should i take your comments earlier to mean that some of the branch deposit growth has been so much stronger that you feel that you can permanently


This increases the financial flexibility we have to invest in ways that will allow us to execute our strategy where we will further add capabilities to better penetrate our growth market and ultimately sign bolt on-sized acquisitions.

this increases the financial flexibility we have to invest in ways that will allow us to execute our strategy where we will further add capabilities to better penetrate our growth markets and ultimately fund bolt-on sized acquisitions


We also saw a continued strong performance from several other products, including Creon and Duodopa. So overall, we're extremely pleased with our commercial performance and financial results for the quarter,

we also saw continued strong performance from several other products including creon and duodopa so overall we're extremely pleased with our commercial performance and financial results for the quarter


and we're delivering more improved marketing efficiencies. These efficiencies were broad-based across regions and were delivered by continuing to work with our agencies and our suppliers more efficiently and effectively.

and we're delivering more improved marketing efficiencies these efficiencies were broad-based across regions and were delivered by continuing to work with our agencies and our suppliers more efficiently and effectively


Earlier this month, we exited Russia through a divestiture of the business, bringing our country total to 27. We are also continuing to invest in building centralized Deal Factory operations and improve capabilities in customer service.

earlier this month we exited russia through a divestiture of the business bringing our country total to 27 we are also continuing to invest in building centralized deal factory operations and improved capabilities in customer service


Wrapping up on Slides 12 and 13. I think we're pleased with both the strong quarter we had and the positive momentum we still see in our businesses. From a bonefish perspective, we ticked off a lot of improvement boxes

wrapping up on slides 12 and 13 i think we're pleased with both the strong quarter we had and the positive momentum we still see in our businesses from a bonefish perspective we ticked off a lot of improvement boxes


Even with the strong loan growth, the commercial loan originations we are putting on the books are, on balance, of slightly better quality than the overall portfolio, which is encouraging to our forward view of credit performance.

even with the strong loan growth the commercial loan originations we are putting on the books are on balance of slightly better quality than the overall portfolio which is encouraging to our forward view of credit performance


Behind all of this, we're also making meaningful changes to how we plan, build and execute our marketing investments, including an amplified focus on return on investment and the ability to positively impact brand perception and consideration.

behind all of this we're also making meaningful changes to how we plan build and execute our marketing investments including an amplified focus on return on investment and the ability to positively impact brand perception and consideration


What we've done is we've gone from 5 regions to 7 regions. So if we look at -- 4 of our sales managers have joined us literally over the last 6 months. So there's been some changes there in terms of the way that we structure the management of the territories.

uh what we've done is we've gone from five regions to seven regions so if we look at you know four of our sales managers have joined us literally over the last six months so there's been some changes there in terms of the way that we structure the management of the territories


because what you have there is a very, very strong e-commerce business for all goods and that includes as well much more than here in Europe includes as well food

because what you have there is a very very strong e-commerce business for all goods and that includes as well much more than here in europe includes as well food


As you can see from this chart, Atea's operating cash flow is highly seasonal, peaking in Q4 and with negative cash flow in the first half of the year as working capital balances increase from a very low level at year-end.

as you can see from this chart atea's operating cash flow is highly seasonal peaking in q4 and with negative cash flow in the first half of the year as working capital balances increase from a very low level at year-end


all of our customer touch points to look like. So that wasn't reflective of any numbers or anything. Certainly, we continue and we'll continue to look at our store portfolio. We certainly expect to continue to grow our retail footprint.

all of our customer touch points to look like so that wasn't reflective of any numbers or anything certainly we continue -- and we will continue to look at our store portfolio we certainly expect to continue to grow our retail footprint


While I often emphasize the importance of recurring revenue, our strong track record of reporting past sales is consistent with what we've always maintained, that the value of a license is more important than the timing of it.

while i often emphasize the importance of recurring revenue our strong track record of reporting past sales is consistent with what we've always maintained that the value of a license is more important than the timing of it


but these aren't things that are going anywhere. They're not getting -- this is weeks of delay and putting aggregate on the ground. It's not changing whether or not they do the project. Right. And then once they start, the visibility

but these aren't things that are going anywhere they're not getting -- this is weeks of delay in putting aggregate on the ground it's not changing whether or not they do the project right and then once they start the visibility is there


In addition, our visibility to a turn in public construction activity continued to improve. There are more highway project tons in backlog than we've seen in at least 3 years.

in addition our visibility to a turn in public construction activity continued to improve there are more highway project tons in backlog than we've seen in at least 3 years


the recent case study published by Forrester Research might be of interest to you, and it is available on our website. Their report summarizes the 4 takeaways we highlighted at our Investor Day.

the recent case study published by forrester research might be of interest to you and it is available on our website their report summarizes the 4 takeaways we highlighted at our investor day


We will update this information each quarter, and later this year, we will provide formal projections once we have more consumer data and initial sales data. Let's turn to Page 16 in the attached slide deck.

we will update this information each quarter and later this year we will provide formal projections once we have more consumer data and initial sales data let's turn to page 16 in the attached slide deck


Okay. Just to clarify kind of if you had to pinpoint what kind of pushed the needle from October to, say, now like, would you pinpoint one thing? Or is it kind of generally broader growth than you had previously anticipated?

okay just to clarify kind of if you had a pinpoint what kind of pushed the needle from october to say now like would you pinpoint one thing or is it kind of generally broader growth than you had previously anticipated


Initiatives like these give you an idea of why we are so enthusiastic about what is still to come from Optum, all in support of our mission addressing the health needs of people and improving health systems broadly.

initiatives like these give you an idea of why we are so enthusiastic about what is still to come from optum all in support of our mission addressing the health needs of people improving health systems broadly


A description of some of the risks and uncertainties can be found in the reports that we file with the Securities and Exchange Commission, including the cautionary statements included in our current and periodic filings. This call will also reference non-GAAP amounts.

a description of some of the risks and uncertainties can be found in the reports that we file with the securities and exchange commission including the cautionary statements included in our current and periodic filings this call will also reference non-gaap amounts


Thanks, Gary, and welcome, everyone. Our employees did a great job again this quarter providing their legendary customer service, and I'd like to thank them for that and congratulate them on a great quarter.

thanks gary and welcome everyone our employees did a great job again this quarter providing their legendary customer service and i'd like to thank them for that and congratulate them on a great quarter


These projects will also provide incremental cash flow for 2016. As we look ahead, our diversified portfolio of midstream assets and multiple key resource plays provides a strong footprint to continue delivering long-term growth.

these projects will also provide incremental cash flow for 2016 as we look ahead our diversified portfolio of midstream assets in multiple key resource plays provides a strong footprint to continue delivering long-term growth


We're continuing to work through installation of handling equipment at the light gauge plate furnace and expect increasing benefits as we complete the projects and implement practice changes to realize the full potential of the investments.

we're continuing to work through installation of handling equipment at the light gauge plate furnace and expect increasing benefits as we complete the projects and implement practice changes to realize the full potential of the investments